HSBC has begun advising holders of the HSBC Platinum Qantas Visa that they will be cutting back on the number of Qantas Points that can be earned by big spenders. From November 1, a new tier system will be introduced, where the card will pay 1 Qantas Point per Australian Dollar spent for the first $2,500 of spend each month. Any spend over $2,500 in the month will earn at the reduced rate of 1 Qantas Point for each $2 of spend.
This is a change from the current system, where there is a limit of 300,000 points per year, all earned at a 1:1 rate.
In addition to the introduction of a tier system, the current offer of 2 Qantas Club lounge passes each year will be discontinued.
As noted in the above picture, the current change affects customers that had the card prior to 30 November, 2014. Customers that signed up more recently are not affected in this round of changes, although they should expect that sometime in the future they will also be getting a similar adjustment made to their earning rate.
This change is similar to a recent change made to the Woolworths Money card, that introduced a point tier system earlier this year.
This continues a general cutback in earning that has been occurring across many Qantas Points earning cards over the last year. Most of the effect has been on the big spenders, or those that make large ATO payments. In some cases, such as this, fairly low limits are placed on the point earning capability, while other banks have specifically targetted ATO payments for point reductions.